7/6/2012 6:58:56 AM
The first thing you need to do is get that vacant unit filled at FULL VALUE OF THE RENT.
Then you can gradually work on the others. 1 at a time. If you want to, you can very well take them to full-price or slighly under. If the renters know the area, they will know it's in line....if they want to leave, well as long as you're in a decent area and folks don't have problems renting there, then you'll find someone to pay you market rent.
Just do it one at a time. You don't want a completely empty building.
Oh and I say 1 at a time if you're doing a DRASTIC increase....if it's not drastic then do 'em both at the same time. When you have the meeting, show them the prices of other places similiar to yours in the area and what the rent is. Let them know you're not the new big mean owner who is looking to "steal" their money.....you just are looking to improve cashflow and the buidling.
Ask them if there are any types of updates they would like? A lot of times, their requests can be cheap as far as cash goes but can mean a world of difference to them as far as their loyalty to you and your place goes.
Hope this helps. Btw, I've been a real estate investor since 1999 and still am (also I'm an ATM business owner.)